Rather than “gross negligence" or “incompetence" on the part of Trade Minister
Craig Emerson
, the insistence by him that Investor State Dispute Settlement provisions not be part of any free trade agreement is a victory for Australian sovereignty and many economic and social programs.

The protections afforded these programs by the absence of the ISDS can be seen in the plain-packaging litigation.

Thanks to an obscure Hong Kong investment agreement, Philip Morris was able to take Australia to court. If ISDS is agreed to as part of an FTA, Philip Morris would be joined by big pharmaceutical companies, and all the rest, wanting to attack Australian programs such as the PBS.

Ms Bishop should look to former PM
John Howard
, who recognised that compliance with the ISDS in the US-Australia FTA was not in Australia’s interest. I’m not convinced she would label him as incompetent or grossly negligent. ISDS would see Australian sovereignty impugned, with multinational corporations given open slather to challenge any government decision that affects their ability to make a profit.

Ms Bishop needs to decide that our sovereignty is worth more than a few steaks on a Korean barbecue.